Archives for November 2020

Common Holiday Scams

November 19, 2020 By

BBB Column

The holiday season is here! Although the pandemic will certainly change how we prepare, consumers are still planning to shop and celebrate. Unfortunately, scammers are also ready for the holidays. With your mind on finding the perfect gifts and best deals, they hope you won’t be watching for fraud. Use these tips from your Better Business Bureau to avoid common holiday scams this year:

Seasonal employment scams.

Many companies and industries hire extra employees during the holidays to help with increased business. This is a perfect opportunity for scammers to put out fake help wanted ads. Use these tips to stay safe while looking for seasonal job opportunities:

  • Know the signs. Being aware of the red flags of employment scams can help you avoid them. Employers asking for upfront payment for a job, job offers without interviews and big money for small jobs are all major signs of employment scams.
  • Don’t work before you’re hired. A legitimate company will not ask you to begin a project before hiring you. Before starting any work, ask for an offer letter or for confirmation in writing. This should include details about the job and compensation.

Hot Toy Scams

Each year, a few toys are more popular than the rest, and when they begin to sell out in stores, parents look elsewhere to find them. They might find a legitimate-looking website that claims to have them, maybe even on sale! Unfortunately, after purchasing the toy, it never arrives, and they discover the website and offers were fake. These tips can keep your wallet safe when searching for this year’s hot toys:

  • Buy from reputable retailers. Buying directly from stores, in-person and online, that you know and trust is the best way to avoid being scammed. You can go to their business profile on bbb.org to find their rating and customer reviews. Also, be sure their website has valid customer service information.
  • Watch for extra-low prices. Unreasonably low prices and discounts are often red flags of a scam. Remember, if the price seems too good to be true, it probably is.

Delivery Scams

Delivery scams and package theft can take several forms. They may be phishing emails from scammers posing as the delivery company, or fake “missed delivery” tags, which attempt to get your personal information. Some consumers find that packages are stolen off their doorstep before they arrive home from work. To avoid these situations, use these tips:

  • Take precautions. If you are having a fragile or valuable item delivered, purchase shipping insurance. You can also track packages, or request that a signature be required for the package to be delivered.
  • Watch for emails about missed deliveries. Most legitimate delivery services leave a missed delivery notice on your door. An email could be a phishing scam.

Have safe and happy holidays, from everyone at BBB serving the Heart of Texas!

 

Filed Under: chamber of commerce, Charities, Holiday Parties, Local Food, Scam Alert

30-Year Fixed Mortgage Rates Fall to New Low: 2.78%

November 9, 2020 By

freddie-mac-rates-november-2020

For the 12th time this year, mortgage rates have hit a record low. The 30-year fixed-rate mortgage fell to an average of 2.78%, the lowest ever recorded in Freddie Mac’s books dating back to 1971.

Sam Khater, Freddie Mac’s chief economist, attributed the record-low rates this week to “economic and political ambiguity.”

“Despite the uncertainty that we’ve all experienced this year,” he said, “the housing market, buoyed by low rates, continues to be a bright spot.”

Consumers are saving much more than they were before the rise of the pandemic—nearly 14% of their disposable income, according to the National Association of REALTORS®. Personal income also rose 6% in September compared to a year earlier. “With people saving more than ever before, home buying is more attractive, although home prices continue to rise,” writes Nadia Evangelou, a research economist, on NAR’s Economists’ Outlook blog. “Meanwhile, these ultra-low mortgage rates significantly lower mortgage payments, making housing more affordable than a year earlier in many areas.”

For example, in the Washington, D.C., metro area, home prices have jumped nearly 12% compared to a year earlier, Evangelou says. However, due to low mortgage rates, the monthly payment on a 30-year fixed-rate mortgage is lower than a year ago, averaging $1,820.

The housing market is also getting a boost from an improving job market. This week’s labor market report showed that the U.S. added another 638,000 in net job gains. The unemployment rate now stands at 6.9%. Since the April lockdown from the COVID-19 pandemic, about 12.1 million jobs have been recovered. Another 10 million jobs are needed to return to pre-pandemic levels, says Lawrence Yun, NAR’s chief economist. Residential construction and contracting trades added a major bulk of the jobs last month at 23,800, Yun says.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 5:

  • 30-year fixed-rate mortgages: Averaged 2.78%, with an average 0.7 point, falling from last week’s 2.81% average. The previous all-time low for the 30-year fixed-rate mortgage was set in October with an average of 2.80%. A year ago, 30-year rates averaged 3.69%.
  • 15-year fixed-rate mortgages: Averaged 2.32%, with an average 0.6 point, unchanged from last week. A year ago, 15-year rates averaged 3.13%.
  • 5-year hybrid adjustable-rate mortgages: Averaged 2.89%, with an average 0.3 point, rising slightly from last week’s 2.88% average. A year ago, 5-year ARMs averaged 3.39%.

Freddie Mac reports average commitment rates along with points to reflect the total upfront cost of obtaining the mortgage.

Reported by Realtor Magazine

Filed Under: Corpus Christ Real Estate Data, Mortgages, Padre Island Business Association, property taxes, realtors, selling a home